Crypto becoming less and less anonymous

20kevin20

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Quote from: QuickAccount on September 01, 2021, 10:23:01 AM

I found out about bitcoin mixing, could I get in trouble for that?

No. In fact, I highly recommend you to either use ChipMixer to mix your coins or Wasabi Wallet with CoinJoin. CoinJoin is the 100% decentralized and p2p option. Unless you live in China or other communist country, you should be fine. I've been using Tor, CoinJoin and ChipMixer for a very long time without running into any issues. As long as I'm not a criminal, there's nothing they can do about me and my attempt to have my own privacy.

Crypto is definitely becoming less and less anonymous and the ones to blame the most are the authorities because they're trying their hardest to work with blockchain analysis companies to exploit blockchains and de-anonymize users and transactions. This is why I'm using Tor and Monero as much as possible.. don't be afraid to look for privacy. The more numerous we are, the better. "I have nothing to hide" is a very wrong argument on so many levels.

dkbit98

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

You can always exchange Bitcoin and crypto face-to-face, using p2p exchanges or decentralized exchange like Bisq that does not have any kyc rules, so you don't always have to use big exchanges.
With more adoption, more people will starts accepting Bitcoin for good and services and you will be able to pay directly with BTC same way like you would pay with cash.
In ideal situation people should separate from current corrupt states and create local communities that are free of fiat money, and that is totally possible.

QuickAccount

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Thanks! I didnt know if they were against the law because BitcoinFog Got taken down recently. I dont know if the fact that they used the Onion routing protocol but it got shutdown even though they werent breaking any laws at the time

Coyster

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Quote from: QuickAccount on September 01, 2021, 10:23:01 AM

I found out about bitcoin mixing, could I get in trouble for that?

As far as I know, you cannot get into trouble for using Bitcoin mixers, and I don't think there is any ban against their use; the government would prolly not like Bitcoin mixers cause it adds another extra layer of privacy to what already exists on the network, as mixers break the connection/trace between the address sending coins and the address receiving the coins, which makes it difficult to track, and we know the government likes to intrude into users privacy and want to control everything, but even at that you can freely use mixers, but make sure you use that of a reputable company so your funds do not get stolen.

QuickAccount

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I found out about bitcoin mixing, could I get in trouble for that?

BIT-BENDER

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

With scams on binance even with all the verification, I think there is an urgency needed for verification, safety of funds and people not getting scammed is most important to me than verification debate, amongst all factors that makes crypto-currency stands out the one not too excited about is the anonymity and I think if you are honestly here if getting verified makes the community of crypto-currency safe then it worth doing.

isaac_clarke22

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

~

It's not supposed to be anonymous or even pseudonymous because it is a third party exchange.
There's no anonymity in crypto, just pseudonymity. If you're looking for pseudonymous trading, do a p2p ones.

AakZaki

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choose to use KYC or not it is your own choice. some major exchanges implement KYC because it is really needed so that it is not used as a place to launder the proceeds of crime.
KYC implemented on exchanges such as Binance is guaranteed to be safe.
there are several exchanges that have not implemented KYC. you can choose it.
Being anonymous in cryptocurrency will not be completely anonymous, all transactions made will be tracked to the last transaction.

jrrsparkles

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

Still there are ways to sell the cryptos like bitcoin and other few altcoins for fiat in the completely decentralized p2p exchanges where you have no KYC but to compensate the No KYC feature, you have to pay more while buying or will get less while selling than the actual market.

If you are okay then you can use https://localcryptos.com/ where you can buy and sell cryptos for fiat with no ID verification. And the trader you are going to trade with may have certain criteria apart from the platform's so make sure you read all their terms before opening a trade with them.

P.S: Cryptos are not made for selling and buying, its created with the intention of being a medium of transaction.

peter0425

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

Big exchange only requires KYC if you are trading with large amount , and i believe that in all areas when you are dealing using big money KYC must be indeed processing because if not then you will be in big risk .

best to deal with that rules or lose your funds for bad treatment .

Louis Harper

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Now, with time, everything is changing. It is needed on the exchange. I don’t mind this. If you don’t like it, you can choose a decentralized exchange, because most of our new generation of young investors All want a more private world, and there are some other markets that do not require your identity to interact and trade with others through P2P transactions.

MIldic1c

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I personally think that this also increases security in transactions. This is actually a good thing. Everyone has different opinions. Every measure has pros and cons. The use of encryption cannot completely guarantee anonymity. There are many There are different ways to hide your identity when using encryption to ensure your own security. You can choose a decentralized exchange.

yhiaali3

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Unfortunately this is what is happening and it is increasing day by day, the major exchanges are going to ask for identity verification, I got messages from Binance that on 10/19/2021 all users will be forced to complete KYC identity verification, also FTX platform requested the same, I am logged into my account on FTX but I am unable to buy, sell or deposit until I complete the identity verification.
This is really disgusting. Governments have not succeeded in cracking down on cryptocurrencies but they have succeeded in putting pressure on the big platforms and forcing them to force identity verification on their users. This eliminates privacy and destroys the basic concept of cryptocurrencies.

cabron

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All these have changed to comply with the laws. Exchanges are a kind of business in which a country has jurisdiction, there is no way for a business to thrive bypassing the laws.

The growth of cryptocurrency wouldn't have rocketed up without the trust of the institutions and this is because of the laws made to protect investors through exchanges. This is a trade-off when cryptocurrency gains adoption.

Darker45

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It is unfortunate indeed. We've got not much of a choice when it comes to large centralized exchanges because they are bound by all kinds of policies. But when it comes to crypto to fiat or fiat to crypto transactions, it is really hard to stay completely anonymous. Even in platforms like hodlhodl, localcryptos, and others where verification is not required, one finds it hard to stay anonymous. Although there are various payment methods, most of them are tied with centralized systems.

Ausgewielt

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Anonimity is one of good things about bitcoin. I personally don't like to fill KYC, for me it is not practical and not so important for me. I like to use exchange site that don't apply KYC and I also avoid to join bounty campaign that ask the participants to fill KYC because for me it is just other obstacle to get my reward, sometimes the project ask their campaign participants to fill KYC form to get their reward but the form is not given at the promised date after long time and I forgot about the bounty the project finally they give the form but I don't know and miss the submission date, then I didn't get my payment. I am looking for something that can be different with Fiat, and bitcoin anonimity is something that make me excited.

sunsilk

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It is a matter of the adjustment that we needed to make as the crypto market is getting bigger and bigger. While there are some legitimate reasons why exchanges are doing that.

There are still some other marketplace that don't require you your identity for you to interact and trade with others through P2P trading. For bitcoin, if you want to keep your anonymity, you're free to use a mixer. And on the other hand, there are the privacy coins.

7788bitcoin

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

What do you expect in the long term, we are living in a world where you have less privacy than older generations and when Bitcoin was created everyone thought we had an answer for centralized banking system but we had those golden days and now if you want to trade you need to undergo mandatory KYC if you are trading above a certain limit and with regulations expecting in the near future, privacy will be a dream and i you will see many exchanges removing privacy centered coins because of regulatory pressure.

Rabi3

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

this was one of the best reasons to use bitcoin back in the days, everything is changing now and KYC on exchanges is always required, I don't mind it that much, you can still use decentralized exchanges, and Monero seems to be doing just fine in making the transactions anonymous. but it's hard to find where you wanna use it.

Turbolinea

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Yeah, unfortunately this is true story. As governments have started to regulate cryptocurrencies, they have started to have a control over crypto transactions also. They don't want these transactions to be made anonymously as it is very dangerous in terms of some aspects. For example, there are many people who are preferring cryptocurrencies to launder money. Governments want to know which wallet belongs to whom to be able to detect that kind of people easily. But this is harming the anonymity hugely.

sheenshane

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There are pros and cons upon submitting KYC and we know that KYC/AML or know your customer was strictly implemented in very strict countries just because of the jurisdiction that they followed, it acts also that crypto and the central bank will become friendly due to this legality of crypto and regulatory requirement in most of other countries jurisdictions, so there's nothing we can do about this because it varies in such jurisdictions where you belong.

Using crypto isn't really have an assurance that you will become and fully anonymous, even the transaction was publicly revealed by the database or public ledger. It's different from the pseudonymous, there are too many various ways that you can hide your identity upon using crypto for your own safety and avoid centralized exchange if you don't want KYC, still, we have a good decentralized exchanger that we can use.

Oceat

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KYC is just helpful for exchange in the future and if you really want an exchange that doesn't require KYC there are some out there but their reputation aren't that good and might be in risk of scamming you instead. Plus just like what the other's said you just need to someone that's willing to buy your Bitcoin and you are good but the risk is still there.

Not unless if you are hiding something from your government that supposed to be known but instead you hide it. Wink

Just get used to doing the KYC because the government are doing everything to implement their rules and regulations.

Ekeleboy

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I think crypto becoming more and more less anonymous is a good thing.
It means more people will be to k ow about crypto and will probably invest in it.
Others might as well adopt is as a means of transactions, making payments and all.
But since every new move comes with disadvantages, one can not totally conclude it a good thing.

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Doing KYC is not a big deal for me if we are using a reputable exchange coz I know that they won't do anything that could harm their users. In fact, it finds out that most exchangers these days are now asking for that especially when you have a huge amount of withdrawals. Some saying it was additional security, that's exactly it is and we are doing KYC for that sake.
It was to accept that being anonymous here is not 100% and if we are worried about the situation, then it was best to stay away from cryptospace.

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Quote from: bhooscream on August 30, 2021, 05:29:46 PM

You don't need to do verification if it is a small number of Bitcoin. In Binance, Kucoin, or Bitmax, are free of verification if your trading volume is under 2 BTC per day. While for the bigger number, above 2 BTC, it requires verification. We cannot blame exchange, they may follow certain regulations to avoid bad things like moneylaundering. So, it is your choice to trade with a big number of Bitcoin daily or a small number with free verification.

Check this: https://news.bitcoin.com/6-cryptocurrency-exchanges-that-dont-require-kyc/

KYC does not really bring negative thought in the real sense because its only for own security. The more popularity crypto has become, the more verification we had to do. So we should always be careful with the exchanges so we won't be giving away our personal identification for free if only their purpose is to use for scamming. Although giving KYC offers more security on our part, but we should also be responsible to find good and legit platforms or exchanges so we will not be putting ourselves into danger like fraudulence.

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You don't need to do verification if it is a small number of Bitcoin. In Binance, Kucoin, or Bitmax, are free of verification if your trading volume is under 2 BTC per day. While for the bigger number, above 2 BTC, it requires verification. We cannot blame exchange, they may follow certain regulations to avoid bad things like moneylaundering. So, it is your choice to trade with a big number of Bitcoin daily or a small number with free verification.

Check this: https://news.bitcoin.com/6-cryptocurrency-exchanges-that-dont-require-kyc/

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencies have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its is unfortunate. What are your thoughts?

In fact, yes, the crypto itself may indeed be anonymous or pseudonymous. But this is different from the Cryptocurrency Exchange where they usually need KYC because it is related to some things, one of which is the regulation in the Exchange Place. Or because of other regulations such as in Binance.
Actually, there are still ways not to do KYC, namely in Dex and for cashing out too. However, there is a positive and negative side itself when we don't do KYC or do KYC. Indeed, a dilemma, when we fear the data we use for the KYC process, but here others, it is also risky when not KYC when making P2P transactions. Unless we can use the 3rd party (Escrow).

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

There are still exchangers which doesnt implement out full KYC but i wont be surprised if anytime soon all of them would really be having the same path where KYC is strictly needed but when you are really

in concern about total anonymity then you could always make p2p transactions but somehow you would really need to be careful on whose you are dealing with.

Brace with those possible centralization or regulation that are already next in line. Sad to say and see that we are really heading there as crypto market becomes more bigger.

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In my opinion, security is needed in transactions, such as KYC, maybe the process sometimes takes a little longer to be approved and that makes it annoying. Especially when the results are not approved. We will understand if as a victim of someone's Hack.

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Quote from: jackg on August 30, 2021, 04:25:21 PM

I don't think I'd like the idea of not using kyc with exchanges though, even cash in hand deals without kyc can be risky. Kyc on exchanges does help the exchange to work out who hacked them if they get hacked and if they didn't have kyc, many financial institutions can still block them.

Quote from: dimonstration on August 30, 2021, 04:35:47 PM

It’s for the better as many scammers now uses it for their own goods and finding ways to scam people. The more adoption happens, the more the security should be tighten. As long as we know what website and project we are doing KYC with then it’s fine. At this time we must know how to choose the project and know whether we’re doing the right process. This is the cons of the price increases and we need to embrace the consequences if we want not to be a victim of scammers. We just need to be careful.

You have just explained the Implication and importance of KYC. Of course, there is considerable significance in requiring KYC in exchanges, as it is not too rare that online exchanges are getting the victim of hacking. You know, A well-known exchange in Japan has hacked a few days ago, they immediately transferred their assets to a cold wallet and froze the hackers' accounts. Through KYC documents, they may take legal action against the hackers.

But here he is willing to know the anonymity of cryptocurrency. I agreed with him that Cryptos has become less anonymous now. Not only in exchange but also it becomes less anonymous country-wise. You know El Salvador has accepted cryptos legally and regulating their people's funds, Cuba is also walking in the same way. It is a matter of real concern that with the recognition of Bitcoin by various countries, the anonymity of Bitcoin has come down drastically.

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Quote from: QuickAccount on August 30, 2021, 04:12:46 PM

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

Over the years some platforms need to require their users a KYC integration due to regulation happened every year since government already notice that crypto is becoming a good source of income and want to tax people from using it and for being anonymous well I think I'm ok with that since I don't nothing to hide and we should threat that as part of acceptance of bitcoin. Although many people still don't like to do KYC due to security matters well the only thing we need to do for that is to choose the best platform we go for better security.

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Well the fact also that we have our government protocols that must be followed, we know that the government is always worried about any illegal activities for the sake of the country and bitcoin is prone to illegalities and a tool can be used to make a crime. Therefore, we have a KYC verification upon making a transaction on bitcoin and I think the basic information is enough to buy bitcoin on an exchange. We want the legalization of bitcoin in our country and the only process to continue this, pass a KYC is a must as of now. But if you really want to be completely anonymous, we have different factors to have it. Mixing your coin and buying bitcoin on p2p decentralized exchanges.

joniboini

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It's unavoidable if you're interacting with fiat, especially if crypto is becoming more and more popular than ever. But it's not like you have to do it. If you don't want to do something like that then just go P2P. The network itself, in most cases, is still perfectly fine. It's not like you have to submit a KYC when you create a new wallet.

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It’s for the better as many scammers now uses it for their own goods and finding ways to scam people. The more adoption happens, the more the security should be tighten. As long as we know what website and project we are doing KYC with then it’s fine. At this time we must know how to choose the project and know whether we’re doing the right process. This is the cons of the price increases and we need to embrace the consequences if we want not to be a victim of scammers. We just need to be careful.

jackg

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I don't think I'd like the idea of not using kyc with exchanges though, even cash in hand deals without kyc can be risky. Kyc on exchanges does help the exchange to work out who hacked them if they get hacked and if they didn't have kyc, many financial institutions can still block them.

It should be possible to do informal transactions without kyc though if you find someone willing to buy/sell in your currency or via PayPal (they're more common than you might expect).

Once bought, there are other ways of making your crypto more anonymous too even without being tainted by mixers (if that's a worry).

QuickAccount

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In a world of coins, use them.

I hate the fact that cryptocurrencys have turned into something that needs verification to sell, when its supposed to be anonymous. There is almost no anonymity with selling crypto to large exchanges, its unfortunate. What are your thoughts?

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